For Eurobank EFG Factors, 2009 was a year of high profitability and rapid business development. According to the 2009 financial statements, the company also captured the first position in the Greek market’s Factoring services sector.
The annual volume of trade receivables assigned to and processed by the company exceeded € 3.5 billion, recording an increase of 21% y-o-y, while financing to customers reached € 800 million at the end of the year. In addition, pre-tax profit showed a significant increase of 50% due largely to the expansion of the company’s customer base and the promotion of new and more complex products.
Last year, Eurobank EFG Factors reached the first position worldwide in International Factoring (exports and imports). This distinction was given to the company based on both qualitative and quantitative criteria in July 2009, during the 41st annual international conference of members of Factors Chain International (FCI, Istanbul).
The factoring network of the Eurobank EFG Group is now active in four countries (Greece, Bulgaria, Turkey and Romania). Further business expansion in the markets of Serbia and Cyprus is also considered. With regard to the Bulgarian branch in particular, the aim for this year is to further accelerate its rapid business growth in order to expand its market share and dramatically reduce the distance that separates it from the leading competitor. Despite its short period of activity, the factoring unit in Turkey aspires to be within the first 10 to 15 factoring companies/units in a total of more than 70 companies operating in the country.